* Q2 adj shr $0.00 vs est $0.08
* Revenue $1.68 bln vs est $1.75 bln
* Shares tumble 10 pct
May 4 Convenience store operator Pantry Inc's
PTRY.O second quarter fell short of market expectations, hurt
by higher expenses, sending its shares down as much as 10
The company, which operates stores under banners like
Kangaroo Express, posted a net loss of $166.1 million, or $7.44
a share, compared with a profit of $3.8 million, or 17 cents a
share, a year ago.
The latest quarter's results include impairment and other
charges of $164.2 million, and a charge of $1.9 million related
to the settlement of a class action lawsuit.
Excluding these items, the company broke even on a
Revenue rose 28 percent to $1.68 billion.
Analysts on average were looking for a profit of 8 cents a
share, before items, on revenue of $1.75 billion, according to
Thomson Reuters I/B/E/S.
Total costs and operating expenses leaped 46 percent to
For 2010, the Cary, North Carolina-based company forecast
merchandise sales between $1.77 billion and $1.81 billion, and
merchandise gross margin between 33.6 percent and 34.1 percent.
Shares of Pantry, which have risen 25 percent in value over
the past three months, were trading down 9 percent at $15.00
Tuesday morning on Nasdaq. They touched a low of $14.79
(Reporting by Vidya Lakshmi in Bangalore; Editing by Anne